New Delhi. Nov 15 (UNI) Venezuela has expressed interest in expanding economic engagement with India beyond the oil sector, including cooperation in critical minerals and attracting Indian investment.
The issue was discussed at a bilateral meeting between Commerce and Industry Minister Piyush Goyal and Minister of Ecological Mining Development of Venezuela, Hector Silva, on the sidelines of the 30th CII Partnership Summit which concluded on Saturday at Visakhapatnam.
An official spokesman said here that Goyal emphasized the need to reactivate the India–Venezuela Joint Committee Mechanism, whose last meeting was held a decade ago. He noted that ONGC’s ongoing operations in Venezuela provide scope for deeper collaboration in mining and exploration.
Goyal also suggested that Venezuela may consider accepting the Indian Pharmacopeia to facilitate pharmaceutical trade and highlighted opportunities to enhance cooperation in the automobile sector.
He said India would engage with businesses exploring investment prospects in Venezuela.
India buys oil from Venezuela, having resumed imports after a temporary US-led sanctions waiver in late 2023. India was a major buyer of Venezuelan oil before sanctions and is one of its largest importers again.
